UPDATE: Robinhood Markets (HOOD) PT Slashed 50% to $25 at KeyBanc

KeyBanc analyst Josh Beck lowered the price target on Robinhood Markets (NASDAQ: HOOD) to $25.00 (from $50.00) projecting out year EBITDA to come in at half what the street expecting, $81M vs the $162M Street projection.

The analyst reiterated an Overweight rating, stating "We project high-teens revenue growth in ’22 (below Street) generally factoring in a more modest user base growth (e.g., mid-teens) and a step-down in ARPU on lower trading volumes. On a ’19 CAGR basis, our ’22 forecast represents mid-90s growth, highlighting the rather episodic nature of Robinhood’s growth trajectory."

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